03.10.22

One Year Later, Thousands Of Pensions Saved By American Rescue Plan, PBGC Reviewing Relief For Over 160,000 More

Relief from the American Rescue Plan has already saved the pensions of over 8,000 people whose hard-earned benefits were at risk of being cut

 

PBGC is currently reviewing applications that could provide relief to plans covering over 160,000 additional workers

 

Murray: “Thanks to the bill we passed a year ago, thousands of people have already been saved from facing devastating cuts to the benefits they earned—and relief to more pension plans is well on the way.”

 

Washington, D.C. – Today, ahead of the one year anniversary of the American Rescue Plan being signed into law, Senate Health, Education, Labor, and Pensions (HELP) Committee Chair Senator Patty Murray (D-WA) released the following statement on the impact of the Butch Lewis Emergency Pension Plan Relief Act (BLEPPRA), a provision she pushed for in the bill to address the multiemployer pension crisis to save countless businesses and hundreds of thousands of workers and retirees from having their benefits cut.

 

“I fought to provide pension relief in the American Rescue Plan so workers and retirees across the country wouldn’t have the benefits they earned and budgeted for pulled out from under them through no fault of their own. Thanks to the bill we passed a year ago, thousands of people have already been saved from facing devastating cuts to the benefits they earned—and relief to more pension plans is well on the way.

 

“But our work is still far from done. This pandemic upended our economy, and with it the financial security of people across the country. That’s why I fought for pension relief, and why I am going to continue pushing for steps to strengthen our retirement system and help families get on solid financial footing.”

 

Senator Murray fought for the American Rescue Plan to provide relief for struggling pension plans across the country by creating the Special Financial Assistance (SFA) program for multiemployer pensions within the Pension Benefit Guaranty Corporation (PBGC). According to the Multiemployer Pension Rescue Tracker launched by the House Education and Labor Committee last month, the SFA program has already saved over 8,000 pensions and protected an estimated 170 businesses. According to the PBGC there are many more applications under consideration for approval in the coming months—with the latest  list of applications under review covering over 160,000 people whose pensions are at risk of being cut.

 

###